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Compute how much is the annual amortization expense

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Question 1 - On January 2, 2019, Adelphi Company purchased a patent for $150,000 plus $10,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 9 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.

Question 2 - Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $102,000

Inventory $250,000

Property, Plant & Equipment (net) $530,000

Notes Payable assumed by buyer $605,000

Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132483945

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